Canadian Imperial Bank of Commerce (TSE:CM) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a sector perform rating to an outperform rating in a report issued on Wednesday,BayStreet.CA reports. The firm currently has C$103.00 price target on the stock, up from their prior price target of C$97.00.

Several other research firms also recently issued reports on CM. Canaccord Genuity Group boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a research note on Friday, December 6th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. TD Securities boosted their price objective on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Scotiabank raised their target price on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a report on Friday, December 6th. Finally, National Bankshares boosted their price target on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average price target of C$95.08.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE:CM opened at C$90.81 on Wednesday. The stock has a 50-day simple moving average of C$90.95 and a 200-day simple moving average of C$80.26. The stock has a market capitalization of C$85.81 billion, a P/E ratio of 13.14, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1 year low of C$59.53 and a 1 year high of C$95.50.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a $0.97 dividend. The ex-dividend date is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. This represents a $3.88 annualized dividend and a yield of 4.27%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.10%.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, Senior Officer Robert Sedran sold 20,652 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of C$94.97, for a total value of C$1,961,227.51. Also, Senior Officer Susan Rimmer sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$93.14, for a total value of C$93,140.00. Over the last three months, insiders sold 177,012 shares of company stock worth $16,687,218. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.